IIFL Gold Loan Interest Rate
IIFL gold loan interest rate is competitive affordable and vary between 11.88% and 27% p.a., according to the loan amount and borrower’s repayment frequency. Apart from the gold loan interest rate, borrowers have to pay MTM charges of Rs. 500 for valuing an asset to reflect its current market rate and processing fee, depending on the scheme availed.
Current IIFL Bank Gold Loan Interest Rate
IIFL gold loan rate today starts from 0.83% onward per month from 11.88% p.a., depending on the loan amount and repayment capacity of the borrower. There are various factors that may affect the current IIFL gold loan rate of interest, including the loan amount, benchmarking method, gold’s value, repayment frequency, borrower’s credit score and monthly income.
Compare IIFL Bank Gold Loan Interest from Other Lenders
Below is the comparison of the IIFL gold loan interest rate with the gold loan interest rates of other banks. You can check which is the best gold loan bank in India before applying for a gold loan:
| Bank | Rate of Interest (p.a.) | Loan Amount | Processing Fee | Tenure |
| IIFL Finance Gold Loan | 9.96% - 27% | Up to 75% of the gold’s market value | Rs. 0 onwards | Up to 2 years |
| Indian Bank Gold Loan | 7% - 10.15% p.a. | No upper limit | Nil | Up to 35 months |
| UCO Bank Gold Loan | 7.40% - 7.90% p.a. | No upper limit | Up to 0.20% | Decided by the bank |
| PNB Gold Loan | 8.65% p.a. | Rs. 25 000 to Rs. 25 Lakhs | 0.30% or Rs. 500 + GST, whichever is higher | Up to 12 months |
| Bank of Baroda Gold Loan | 9.20% - 9.30% | Up to Rs. 25 Lakhs | Up to 0.50% + GST | 1 year - 3 years |
| Canara Bank Gold Loan | 13% onwards | Rs. 5,000 - Rs. 35 Lakhs | 1% | 6 months - 1 year |
| HDFC Bank Gold Loan | 7.60% - 16.81% | Rs. 25,000 onwards (Rs. 10,000 onwards in rural markets) | 1% | 3 months - 2 years |
| SBI Gold Loan | 8% | Rs. 20,000 - Rs. 50 Lakhs | Nil till 31.01.2023 | Up to 3 years |
| ICICI Bank Gold Loan | 10% - 17.95% | Rs. 50,000 - Rs. 1 Crore | 1% | 6 months - 1 year |
| Kotak Mahindra Bank Gold Loan | 8% - 17% | Rs. 20,000 - Rs. 1.5 Crores | Up to 2% + GST | Up to 4 years |
| Axis Bank Gold Loan | 17% - 19% | Rs. 25,001 - Rs. 25 Lakhs | Up to 0.50% | 6 months - 3 years |
Features of IIFL Bank Gold Loan
The key features of IIFL Bank gold loan are mentioned below:
- Loan amount: You can avail of a maximum loan amount of up to 75% of the market value of your gold to be pledged, depending on the quality of the gold.
- Tenure: The maximum repayment tenure of IIFL gold loans is 24 months.
- Rate of interest: IIFL gold loan interest rate starts from just 0.83% onward per month. The rate varies between 9.96% and 27% p.a. according to the loan amount and repayment frequency.
- Processing fees: The processing fee for IIFL gold loan starts from Rs. 0 onwards, depending on the scheme availed.
- MTM charges: The borrower is also required to pay MTM charges of Rs. 500 for the evaluation of an asset to reflect its current market rate.
- Eligibility: As per the IIFL gold loan eligibility criteria, the applicant must be a salaried employee/ businessman/ businesswoman/ trader/ farmer/ self-employed professional, aged between the age of 21 to 70 years.
Types of Gold Loan in IIFL Bank
IIFL offers the following types of gold loan schemes:
1. IIFL Gold Loan:
This loan can be availed of by a salaried employee/ businessman/ businesswoman/ trader/ farmer/ self-employed professional aged between the age of 21 to 70 years.
Key Features:
- Loan amount offered is up to 75% of the market value of your gold to be pledged, depending on the quality of the gold.
- Tenure of repayment can be up to a maximum of 24 months.
- Rate of interest varies between 9.96% and 27% p.a. according to the loan amount and repayment frequency.
- Processing fees start from Rs. 0 onwards, depending on the scheme availed.
- MTM charges of Rs. 500 for the evaluation of an asset are charged.
2. Digital Gold Loan:
This is an online gold loan scheme for catering to all your emergency expenses.
Key Features:
- Get a gold loan anytime and anywhere in a completely digital process.
- You can also avail of a top-up on an existing gold loan.
- Online renewal of loan is possible.
- Get free insurance cover for your gold.
- Easy paperless documentation from a mobile device, instant approval, and convenient 24X7 online repayment.
- Just add a bank account online for receiving money and payment of outstanding dues.
- Free safe custody of your valuable gold.
- No hidden charges involved.
IIFL Bank Gold Loan Calculator
You can use the IIFL Finance gold loan calculator to calculate your gold loan amount eligibility. Just follow the following simple steps:
- Open the IIFL gold loan calculator available on the official website of IIFL Finance.
- Enter the gold amount in grams (gm) or kilogram (kg) in the left box.
- On the right-hand side box, you will see the loan amount that you can avail of from IIFL Finance against your gold.
- The gold loan is calculated based on your pledged gold’s quality and its market value in the domestic physical market.
IIFL Bank Gold Loan Fee & Charges
Apart from an IIFL gold loan rate of interest of anywhere between 11.88% p.a., you will be required to pay the following charges:
- Processing fee: The processing charges vary depending on the availed gold loan scheme and start from just Rs. 0 onwards.
- MTM charges: You will also be required to pay flat Rs. 500 MTM charges on IIFL gold loan, which is the lowest in the industry.
How to Apply for Gold Loan in IIFL Bank?
- Walk into one of IIFL’s 2500+ gold loan branches with the complete set of documents required for gold loan. You can locate the nearest branch here https://www.iifl.com/finance/locate-us/gold-loan.
- You can also book a doorstep appointment for an IIFL gold loan.
- You will be required to submit the following documents along with the application form to avail of a gold loan from IIFL:
- Identity proof:
- Aadhaar Card
- Valid Passport
- Valid Driving Licence
- PAN Card
- Voter ID Card
- Job card issued by NREGA
- Address proof:
- Aadhaar Card
- Valid Passport
- Voter ID Card
- Electricity Bill
- Ration Card
- Valid Driving Licence
- Job card issued by NREGA
IIFL Gold Loan Interest Rate FAQs
IIFL evaluates the gold items provided by you and offers the loan amount based on a certain predefined percentage of the gold’s total value based on the current market value. Then it charges interest on the sanctioned loan amount and keeps the gold articles safe until the full repayment of the borrowed amount.
You can visit the nearest IIFL Finance branch or call the customer care team at 1860-267-3000 or 7039-050-000 from 9:30 AM to 6 PM (except Saturday, Sunday and Public Holidays_.
After IIFL evaluates your gold, you will be offered a loan amount. On your approval and confirmation, you will receive the loan amount in your account. The amount must be paid in equal monthly instalments along with interest.
Yes. IIFL Finance is one of India's quickest disbursers of gold loans. It offers loans up to 75% of the market value of your gold with a flexible repayment tenure. The lender offers popular customised schemes to every customer depending on their financial needs.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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